The US chemicals manufacturing sector has exhibited a steady increase in value added from 2013 to 2023, growing from 15.75 to 17.12. Following a dip in 2018, the sector experienced a significant resurgence, particularly noticeable in 2020 with a 5.68% year-on-year rise. In 2023, the value stood at 17.12, a 0.53% increase from the previous year. The last five years have seen a promising CAGR of 1.71%.
Future forecasts indicate a continued upward trend with an expected value of 17.57 by 2028. Despite a moderate forecasted CAGR of 0.41% over the next five years, the overall growth is promising, suggesting steady development in the sector.
Trends to watch for in the future:
▪ Continued impact of technological advancements and automation in manufacturing processes
▪ Increasing emphasis on sustainability and green chemistry innovations
▪ Potential fluctuations in raw material costs and supply chain dynamics
▪ Influence of global trade policies and economic conditions on the US chemicals manufacturing sector
